-In Figure1.1 if price is 7, then
A)the market is in equilibrium.
B)there is excess quantity supplied.
C)there is excess quantity demanded.
D)the market clears.

Name: -In Figure1.1 if price is 7, then A)the market is in equilibrium. B)there is excess quantity supplied. C)there is excess quantity demanded. D)the market clears.
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Question

-In Figure1.1 if price is 7, then
A)the market is in equilibrium. 
B)there is excess quantity supplied. 
C)there is excess quantity demanded. 
D)the market clears.

Quizplus · Accepted Answer

At a price of 7, the quantity supplied exceeds the quantity demanded, leading to excess supply.

-In Figure1.1 If Price Is 7, Then